Sai Parenterals: ₹23.87 Cr IPO Proceeds Deviation Reported
Sai Parenterals Ltd. received a Monitoring Agency Report from India Ratings & Research Private Limited for the quarter ended June 30, 2026, concerning the utilization of IPO proceeds. The report highlights deviations amounting to INR 238.74 million (₹23.87 Crore) from the stated objects. Key deviations include INR 14.25 million (₹1.425 Crore) for capacity expansion not utilized on the same day, INR 1.28 million (₹0.128 Crore) paid as interest for borrowings, which was not a disclosed object, and INR 149.21 million (₹14.921 Crore) for general corporate purposes where funds were commingled, preventing independent verification of end utilization. Additionally, INR 4.28 million (₹0.428 Crore) from issue-related expenses was utilized after the reporting period, and INR 100.00 million (₹10 Crore) was paid to the BRLM without supporting invoices, though the company claims it was a refundable deposit. The company also delayed submitting required documents.
Key Highlights
- Monitoring agency reported ₹23.87 Cr deviation in IPO proceeds utilization.
- ₹1.425 Cr for capacity expansion not utilized on transfer day.
- ₹0.128 Cr interest payment not covered under disclosed IPO objects.
- ₹14.921 Cr for general corporate purposes lacked clear end-use.
- ₹10 Cr paid to BRLM from escrow lacked invoices/agreement.
Price Impact
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